Ministry of Trade, Industry and Energy

Export and Import Trends for November 2015

      □ South Korea’s exports fell 4.7 percent to $44.4 billion and imports decreased 17.6 percent to $34.1 billion in November from a year earlier, resulting in a trade surplus, for the 46th consecutive month, of $10.4 billion.   By product, exports of most of the key items decreased, while those of mobile telecom devices increased. Exports of ships jumped sharply in November. By region, exports to most regions decreased, while those to Vietnam continued to increase. Exports to Europe turned positive.   : Imports of major raw materials and capital products decreased, while imports of consumer products remained on a rising trend.   ○ The recent downturn in the nation’s exports eased in November. Most of the change was attributable to a decrease in the number of exports from a year earlier, along with an increase in the delivery of offshore plants by the ship sector   ○ Imports of raw materials fell sharply due to lower prices. This resulted in a surplus in excess of USD 10 billion.   ○ Exports of items that are strongly affected by the price of oil decreased by USD 2.3 billion. Most of this was due to a further drop in the price of oil. Renovations to production and other facilities also played a part.   ○ The decline in exports of items that are strongly affected by the price of oil should moderate in December. Overall exports are expected to continue falling in November, however, due to continuing sluggish demand for such major items as semiconductors.   date2015-12-28

South Korea's FTAs with China, Vietnam and New Zealand Take Effect December 20

    The Republic of Korea (South Korea)'s free trade agreements with China, Vietnam and New Zealand went into effect on December 20.   The new FTAs came into force as South Korea steps up efforts to reinvigorate its economy amid slowing global demand and low oil prices. date2015-12-24

MOTIE 2nd VM Moon Attends WTO's 10th Ministerial Meeting

    MOTIE 2nd VM Moon Attends WTO's 10th Ministerial Meeting   The Ministry of Trade, Industry and Energy (MOTIE)'s Second Vice Minister Moon Jae-do attended the World Trade Organization (WTO)'s 10th ministerial conference held in Nairobi, Kenya, from Dec. 15 to Dec. 19.   In a keynote speech at this year's gathering, VM Moon stressed the importance of the multilateral trade system of the WTO for the national economic growth and development of its member countries. date2015-12-24

Korean students to intern in the UAE

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 22 that Korean college students will intern at the Emirates Nuclear Energy Corporation (ENEC) during the winter vacation this year.     A total of 27 nuclear engineering majors at 10 different universities will have the opportunity to have real job experience at the headquarters of ENEC in Abu Dhabi and nuclear power plant construction site in Barakah from January 3 to February 18, 2016.     The ENEC Int date2015-12-22

ROK-Vietnam FTA to Take Effect Dec. 20

      The bilateral free trade agreement (FTA) between the Republic of Korea (ROK) and Vietnam will go into effect next week.   The two countries exchanged a diplomatic document to officially implement their FTA from December 20.   The FTA will open up 94.7 percent of the Korea's market and 92.4 percent of the Vietnamese market in terms of import volume.   Vietnam is South Korea's third-biggest export market after China (including Hong Kong) and the United States. date2015-12-16

South Korea and Qatar to Promote Bilateral Cooperation in Energy-Related New Industries

      The Republic of Korea (South Korea) and Qatar plan to expand their bilateral cooperation beyond traditional areas such as energy and construction to include new growth engines such as energy-related new industries.   Minister of Trade, Industry and Energy Yoon Sang-jick attended the Third ROK-Qatar Strategic Consultation Meeting of High-Level Officials on promoting bilateral cooperation in Doha, Qatar, this week. date2015-12-16

South Korea and Peru Seek to Strengthen Industrial and Energy Cooperation

South Korea and Peru Seek to Strengthen Industrial and Energy Cooperation   The Republic of Korea (South Korea) and Peru are seeking to strengthen bilateral cooperation in promoting small- and medium-sized enterprises (SMEs) and e-commerce as well as energy-related projects.   The Ministry of Trade, Industry and Energy (MOTIE)'s Deputy Trade Minister Woo Tae-hee led a Korean delegation to hold bilateral committee meetings on industrial and energy cooperation in Lima, Peru, last week. date2015-12-16

Korea-Vietnam FTA to come into effect on December 20

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 16 that the FTA between Korea and Vietnam will come into effect on December 20.     Thanks to the FTA with Vietnam, which is Korea's third largest consumer, Korean businesses are expected to have enhanced price competitiveness in the Vietnamese market.     Customs duties will be reduced on December 20, 2015 and again on January 1, 2016, which will increase Korean exports to Vietnam.     For instance, the 25 percent tax levied on juice blenders would have been removed in 2020 if the FTA were put in force next year, but it will be removed from 2019 if it is put in force this year.     Vietnam is Korea's third largest consumer after the US and China. This FTA is also seen to increase the level of investor protection in the country.     Furthermore, the high-level investment protection policies are expected to help create a more stable investment environment than the Korea-ASEAN FTA, which included guarantee of remittance and suitable compensation.     * Short version date2015-12-16

Drone delivery to be made available to islands and mountain villages

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 16 that trial drone services for power & gas maintenance and deliveries to islands and mountain villages will be available starting next year.     These drone services were announced by the MOTIE on December 16, 2015 during the "Seminar on the Promotion of Drone Industry Demand" at the Federation of Korean Industries Conference Center.     A plan was introduced at the seminar to start two or three trial programs for monitoring, delivery, and rescue missions with a budget of KRW 1.5 billion ($1.33 million) and the goal of promoting drone demand.     The plan includes the establishment of infrastructure such as national flight performance test site in Goheung, Jeollanam-do and rationalization of regulations and procedures.     It also includes support for the development of high-efficiency drones such as customized drones and low-cost flight control systems.     At the seminar, Korea Electric Power Corporation (KEPCO) shared the results of drone inspection of steel towers, telephone poles, and other power systems that are physically difficult to access by service staff. It also introduced a plan for the further application of drones.     Seoul City Gas introduced a plan to use drones to check for leaks from gas pipes installed on high-rise buildings and bridges that are difficult to maintain, including damages to gas pipes caused by road construction.     Electronics and Telecommunications Research Institute (ETRI) announced that it will develop and test systems for the application of drones in delivering goods to remote regions, such as islands and mountain villages, starting next year.     * Short version date2015-12-16

Participants of K-Sale Day enjoy sales increase

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 15 that major participants of K-Sale Day, a large-scale shopping event from November 20 to December 13, enjoyed an 8.4 percent increase in their sales compared to the same period last year.     The K-Sale Day was held from November 20 to December 15 with the participation of a total of 102 companies, 500 traditional marketplaces and 371 small and medium size manufacturers.     Among them, department stores have achieved a 7.8 percent increase in sales despite the slow sales growth they have experienced over the years. Department stores saw 5.4 percent sales increase in 2012, 2.6 percent increase in 2013 and 1.6 percent decrease in 2014.     During the K-Sale Day event, online shopping malls enjoyed a 10.4 percent sales increase compared to the same period of the previous year, or over 7 percent annual sales increase.     Supermarkets' daily necessity sales rose only by 2.8 percent, but the increase resulted in bringing positive effects. Last year, supermarkets' annual sales dropped by 2.2 percent.     As for convenience stores, their sales rose by 23.6 percent, most of which is due to the increased cigarette prices     * Short version date2015-12-15